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What's next? (FL)

Date: Thu, 01/15/2009 - 18:02

Submitted by anonymous
on Thu, 01/15/2009 - 18:02

Posts: 202330 Credits: [Donate]

Total Replies: 5


Hi, I guess I will need some more advice on how to proceed from here.
Just received the first response from the Florida Office of Financial Regulation:

Your concerns have been received by the Office of Financial Regulation regarding a loan. We appreciate the opportunity to serve you.
After reviewing your letter, we have determined the difficulties you are experiencing with an out of state finance company are not within the purview of the Office of Financial Regulation. Out of state finance companies are exempt from Florida Statutes 560.104, 560, Part IV and 516.02(4). All regulations for such companies fall under the state in which the company is located.


Quote:

Florida State Information

Legal Status: Legal

Citation:
Fl. Stat. Ann. ?? 560.401 et seq.; Rule 69V-560.901-912

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 7-31 days
Maximum Finance Rate and Fees: 10% + verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 24 hours
Repayment Plan: Yes

Collection Limits:
Collection Fees: All charges imposed on the lender by any financial institution; lender not entitled to treble damages
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Florida Office of Financial Regulation
Address: Division of Securities and Finance, 200 E. Gaines Street Tallahassee FL 32399
Phone: (850) 410-9805
Fax: (850) 410-9748


lrhall41

Submitted by cannr on Thu, 01/15/2009 - 18:04

( Posts: 9317 | Credits: )


marion, I have posted your Florida state pdl law for us all to see. What pdl are you dealing with? Can you tell us the name, how much you borrowed (principle amount only), how much you have paid back, and if it's storefront or internet? I'm assuming internet, but I don't like to assume! We can probably help you out here! :D


lrhall41

Submitted by cannr on Thu, 01/15/2009 - 18:06

( Posts: 9317 | Credits: )


Thanks cannr,

I have been disputing 3 different Internet payday loans which are all overpaid and did file complaints with several agencies.

In my post above I copied the reply from the FL Office of Financ. Regulation.

It seems to me that they are stating that the laws of the lender's state apply...
I also filed complaints with the FTC and the AG's office, but I haven't heard back from them as of today.

I am now looking for additional advice on how to handle the collection calls from those PDL's.

Thanks


lrhall41

Submitted by on Thu, 01/15/2009 - 18:13

( Posts: | Credits: )